Following are separate income statements for Austin, Inc., and its 80 percent owned subsidiary, Rio Grande Corporation as well as a consolidated statement for the business combination as a whole.

	Austin				Rio Grande				Consolidated
Revenues	$	(703,000	)		$	(502,000	)		$	(1,205,000	)
Cost of goods sold		401,000				301,000				702,000
Operating expenses		101,000				71,000				196,000
Equity in earnings of Rio Grande		(85,000	)
Individual company net income	$	(286,000	)		$	(130,000	)
Consolidated net income									$	(307,000	)
Noncontrolling interest in consolidated net income										(21,000	)
Consolidated net income attributable to Austin									$	(286,000	)

Additional Information

Annual excess fair over book value amortization of $22,000 resulted from the acquisition.

The parent applies the equity method to this investment.

Austin has 50,000 shares of common stock and 6,000 shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $50,000, and each share can be exchanged for five shares of common stock.

Rio Grande has 28,000 shares of common stock outstanding. The company also has 6,000 stock warrants outstanding. For $15, each warrant can be converted into a share of Rio Grandes common stock. Austin holds half of these warrants. The price of Rio Grandes common stock was $20 per share throughout the year.

Rio Grande also has convertible bonds, none of which Austin owned. During the current year, total interest expense (net of taxes) was $23,000. These bonds can be exchanged for 13,000 shares of the subsidiarys common stock.

Determine Austins basic and diluted EPS.